Forecast for BTCUSD, BCHUSD, ETHUSD, EOSUSD

Wave analysis of BTCUSD

The market continues moving within the downward zigzag-shaped wave [Z], that is the final part of the global triple zigzag, having been formed during the entire previous year. Apparently, the wave (B) of [Z] of this zigzag is developing now. Let’s see a more detailed marking in the shorter timeframe to find out where the BTCUSD price will be moving during the nearest trading week.

Exactly matching the previous expectations, the descending corrective wave (B) had been completely finished. After that, the price started moving within the new C impulse. In the coming few trading days, and, most likely, during the entire new trading week, the price is likely to be going up towards level 4191, that is, towards the previous high, formed by the A wave. In this case, you might open long positions.


Wave analysis of ETHUSD

ETHUSD has been moving in the smooth downtrend that is taking a form of zigzag combinations during the entire 2019. After the [Y] wave had been finished, the market started moving within the ascending corrective wave of the [X] link, which is a zigzag. The final part of this ascending zigzag is likely to be forming now. Let’s analyze the situation in more detail in ETHUSD 4H timeframe.

Just as I had expected, the market finished forming the descending corrective wave (B), having taken the form of zigzag. The upward impulse (C) wave is constructing at the last section. Today and in the coming trading days, the price is likely to continue rising. The target for bulls is level 159 that is at the peak, formed by the wave (A). IN the ascending zigzags, the wave (C) usually goes higher than the final point of the (A) wave. Therefore, the indicated level is the minimum target for the next two weeks. It must be kept in mind that the market may go higher.


Wave analysis of BCHUSD

The BCHUSD price continues moving in the global downtrend, taking a form of triple zigzag. According to the current market situation, there is emerging corrective link wave [X], which consists of three elements: (A), (B) and (C). To make a more accurate forecast for the near future, let us see the last section in more detail

Apparently, I correctly indicated the trend reversal point and the final point of the descending corrective (B) wave. The initial part of the ascending impulse wave (C) is currently developing. This initial element may be taking the form of the leading diagonal because the market is going up very slowly. It may suggest that the market is tightening up like a spring to follow with jump up. That is the feature of the leading diagonals. They are usually followed by a strong trend in the direction of the diagonal development. Therefore, the market may be rising faster in the new trading week.


Wave analysis of EOSUSD

The figure presents a detailed layout if the daily EOSUSD chart. During the entire year of 2018, the market was smoothly moving within a gradual triple zigzag. The [X] correction is highly likely to be developing now. I’ll study its layout in more detail in the junior wave level.

The [X] wave is likely to be taking the form of a well-balanced upward zigzag that has been mostly formed. The upward impulse (C) wave is forming now, the market is likely to continue going up inside it. The price target is likely to be at level 3.6; when it is reached the (C) wave will have the same size as the ascending (A) impulse. It is quite likely, since Waves A and C often tend to equality in zigzags. Therefore, you might hold the long positions opened during the whole next week.


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Wave analysis of major cryptocurrencies for 11/02/2019

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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